I've done this exact thing before over LAN.
You need to use gPXE (formerly etherboot) which will allow you to specify a live CD image to boot over the network. Quite nifty actually.
HOWEVER your biggest constraint will be wireless card support in gPXE. There isn't a single wireless chipset I'm aware of that supports PXE boot natively. These are the only two wireless chipsets gPXE supports:
1. Realtek 8180/8185 (supported in Linux by the rtl8180 driver; the 8180 is 802.11b-only, the 8185 is 802.11b/g)
2. All Atheros cards that do not support 802.11n (supported in Linux by the ath5k driver)
Yes you can create a bootable CD that will support netbooting with any wireless or wired card gPXE supports - but, again, you're pretty constrained on the wireless side.
You're out of luck if you want netboot capability with widely popular Intel and Broadcom 802.11 chipsets.
Also be aware even if you get this to work booting a 600-700MB live CD image over wireless will be quite slow, even with great connectivity to your AP. I would keep your ISO boot images to 100-200MB tops otherwise anyone booting will have to go get a cup of coffee and take a nap by the time it's done. The best bet for speed is to boot the kernel and initrd images directly over the network rather than an ISO image - and please also note there is no such thing as generic ISO image boot over the network (i.e., booting just any ISO image over the network, be it LAN or wireless). There are some hoops that have to be jumped through to get that to work even with gPXE for some Linux distributions (Knoppix, Debian, Fedora, etc).
Anyway, if you think the wireless card support constraints won't be an issue then I can work on it - otherwise anyone else would be spinning their wheels on this. Other "solutions" - NFS booting, for example - simply won't work unless you can get an emulated PXE layer (i.e., gPXE/Etherboot) in there.